These instructions take you through the process of setting up EXO for GST on imports and how to process your freight forwarder GST invoices.
Setting up your GST codes
Create a new GST code for 100% Customs GST
Select Setup > Business Admin Settings (General Setup)
Select EXO Finance > Tax Rates from the left hand panel
Create a new tax code for 100% Customs GST
Check to ensure that your NONCAP PURCH - IMPORTS tax code is linked to the correct tax return key point G11w - Non Capital Purchases - without GST in the price.
This tax code should be assigned to your overseas suppliers.
Processing your freight forwarder invoice
To simplify data entry create a new lookup stock code for GST on Imports ensuring that you set the tax code on purchases to 100% Custom GST
Create new creditor invoice
Select your GST on Imports stock code and enter your GST on imports amount into the GST column.
NOTE: This is the only time you would enter into or override the value in the GST field.
Entries created in the General Ledger
When the creditors ledger is posted the following journal entry is posted to record the GST on imports
Tax Report by Rate Type